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The Archbishop of Canterbury has warned the payday loans company Wonga that
the Church of England aims to drive it out of business with rival credit
unions.

Archbishop Justin Welby said he told Errol Damelin, the founder and chief
executive of Wonga: “We’re not in the business of trying to legislate you
out of existence; we’re trying to compete you out of existence.”

“He’s a businessman, he took that well.”

The Church of England is already setting up a credit union for its own staff.
But it wants to use the 16,000 churches in 9,000 communities to extend the
service.